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Prepare the journal entry

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Question - The following information is available for Kinney Company at Dec 31, 2012 regarding its investments.

Securities Cost Fair Value

3000 shares of Petty Corp Common Stock 40000 46000

1000 shares of Dowe incorporated Preferred Stock 25000 22000

Prepare the journal entry (if any) for 2012 assuming the securities are classified as trading.

Reference no: EM131788364

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